TX CYP. Taxation Cyprus (TX CYP) Applied Skills. Tuesday 4 December 2018 TX CYP ICPAC. Time allowed: 3 hours 15 minutes

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1 Applied Skills Taxation Cyprus (TX CYP) Tuesday 4 December 2018 TX CYP ICPAC Time allowed: 3 hours 15 minutes This question paper is divided into two sections: Section A ALL 15 questions are compulsory and MUST be attempted Section B ALL SIX questions are compulsory and MUST be attempted Tax rates and allowances are on pages 2 4. Do NOT open this question paper until instructed by the supervisor. TX CYP Do NOT record any of your answers on the question paper. This question paper must not be removed from the examination hall. The Association of Chartered Certified Accountants The Institute of Certified Public Accountants of Cyprus

2 SUPPLEMENTARY INSTRUCTIONS 1. Calculations and workings should be made to the nearest unless instructed otherwise. 2. All apportionments should be made to the nearest month. 3. All workings should be shown in Section B. TAX RATES AND ALLOWANCES The following rates and allowances for the year 2017 are to be used in answering the questions. Income tax 0 19,500 Nil 19,501 28,000 20% 28,001 36,300 25% 36,301 60,000 30% Over 60,000 35% Capital allowances Plant and machinery acquired in the years 2012, 2013, 2014, 2015 and % otherwise 10% Motor vans 20% Hotels, industrial and agricultural buildings acquired in the years 2012, 2013, 2014, 2015 and % otherwise 4% Other buildings 3% Computer hardware and operating software 20% Application software 33 3% Corporation tax All companies 12 5% Interest and surcharge on unpaid tax Interest on income and corporation tax assessments (Interest is calculated on the basis of completed months. The same rate applies to overpayments of tax) Additional tax PAYE assessments 3 5% p.a. 5% of tax due 3 5% p.a. plus a surcharge of 1% per month Special defence contribution On dividends received (where applicable): 17% On interest received standard rate 30% reduced rate (applicable under specific circumstances) 3% On rental income (on 75% of the gross rental income) 3% 2

3 Value added tax (VAT) Registration limit 15,600 Deregistration limit 13,669 Standard rate 19% Reduced rates 5%, 9% Social insurance contributions Social insurance fund 7 8% Redundancy fund 1 2% Industrial training fund 0 5% Social cohesion fund 2% Central holiday fund (if not exempt) 8% Maximum annual insurable income of monthly paid employees 54,396 Self-employed contributions 14 6% Capital gains tax Rate 20% Life time exemptions General 17,086 Farmer in respect of farm land 25,629 Residential dwelling restricted to land of 1 5 decares (1,500 square metres) 85,430 3 [P.T.O.

4 Retail price index for capital gains purposes Based on the Tax Department table of RPI Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

5 Section A ALL 15 questions are compulsory and MUST be attempted Please use the grid provided on page two of the Candidate Answer Booklet to record your answers to each multiple choice question. Do not write out the answers to the MCQs on the lined pages of the answer booklet. Each question is worth 2 marks. 1 Which of the following statements is TRUE? A B C D Tax evasion is using legal methods in order to minimise the tax burden Tax evasion utilises loopholes in tax legislation in order to minimise the tax burden Tax evasion involves the claiming of capital allowances provided in the law Tax evasion involves any illegal attempt to avoid or reduce tax 2 Andry s annual gross employment income for the 2017 tax year is 20,400. Her employer is exempt from the central holiday fund. In addition, Andry received the following in the 2017 tax year: a wedding gift from her employer with an estimated value of 500 a bonus payment from her employer of 1,000 for being the employee of the month dividends from public traded companies of 1,500 What is Andry s taxable income before the deduction of personal allowances for the tax year 2017? A 21,900 B 21,400 C 23,400 D 22,900 3 Paper Ltd has the following items in its statement of profit or loss for the year ended 31 December 2017: Trading income 50,000 Capital gain 5,000 Legal fees paid for an objection against a tax assessment (1,200) Legal charges connected with an action for breach of contract (950) Fines for late submission of income tax returns (200) What is Paper Ltd s chargeable profit for the tax year 2017? A 49,050 B 52,850 C 48,600 D 47,650 4 Profitable Ltd made an accounting profit before tax of 100,000 in respect of the year of assessment On 30 June 2016, Profitable Ltd paid a final dividend of 30,000 relating to 2014 profits to its 100% shareholder, Mr Kypros. Mr Kypros is tax resident in Cyprus and is liable for the special defence contribution. What is Profitable Ltd s profit subject to deemed distribution for the tax year 2014? A 40,000 B 31,250 C 57,500 D 61,250 5 [P.T.O.

6 5 Which of the following statements are TRUE? (1) Social insurance contributions are suffered only by businesses employing individuals (2) Value added tax is paid by all individuals and businesses (3) Special defence contribution is suffered only by individuals (4) The partners of a partnership are jointly liable for value added tax A 1 and 3 B 1 and 4 C 2 and 3 D 2 and 4 6 Which of the following are NOT chargeable disposals for capital gains tax purposes? (1) Gift of property to a third party (2) Exchange of properties of the same value (3) Transfer of property required due to company reorganisation (4) Lease of property transferred according to immovable property law A 1 and 2 B 1 and 4 C 2 and 3 D 3 and 4 7 Anna purchased a flat on 1 January 2017 for 100,000 (including 20,000 for the cost of land). On 10 March 2017, Anna paid 400 to paint the flat and 800 to furnish it. On 1 July 2017, she rented the flat for 600 per month. What is Anna s taxable rental income for the tax year 2017? A 2,400 B 3,360 C 1,680 D 1,280 8 Calculator Ltd, a Cyprus tax resident company, has a permanent establishment (PE) trading in Greece. Calculator Ltd s results for the years ended 31 December 2016 and 31 December 2017 are as follows: Income from Cyprus sources 80,000 90,000 Profit/(loss) from PE in Greece (20,000) 25,000 Calculator Ltd set the 2016 loss from the PE in Greece against its 2016 profits derived in Cyprus. What is the chargeable income of Calculator Ltd for the year ended 31 December 2017 assuming no election has been made? A 110,000 B 115,000 C 95,000 D 90,000 6

7 9 Kyriakos purchased an office building for business use on 15 February 2005 for 250,000 (including 15,000 for the cost of land). On 13 October 2017, Kyriakos sold the office building for 330,000 (including 20,000 for the land). Kyriakos paid 1,500 legal fees for the sale agreement and 500 to his accountant in order to estimate his capital gains tax. What is the capital gain made by Kyriakos on the sale before the deduction of lifetime exemptions? A 37,445 B 39,132 C 38,632 D 36, Georgia, who is tax resident in Cyprus, had the following income for the 2017 tax year: employment income of 25,000 from a non-resident company having a permanent establishment in Cyprus rental income of 20,000 from her property in France interest income of 5,000 deriving from bank deposits in the UK dividend income of 2,000 from a company resident in Cyprus Which of these sources of income will be taxed in Cyprus? A B C D Dividend income only Employment and dividend income only Employment, dividend and interest income only Employment, dividend, rental and interest income 11 Annie runs a retail store and is registered for value added tax (VAT). For the quarter ended 30 June 2017, standard rated sales are 8,000 per month (excluding VAT), and standard rated expenses 5,000 per month (including VAT). Annie spends an additional 150 per month (including VAT) on saloon car expenses. The saloon car is used solely for business purposes. What is Annie s VAT liability for the quarter ended 30 June 2017? A 722 B 2,093 C 2,165 D 1, Which of the following statements relating to corporation tax are TRUE? (1) Compensation paid to an ex-employee for a labour accident is not an allowable expenditure (2) Goods drawn by a company director are disallowed at cost price (3) Interest paid to acquire a partially owned (50%) subsidiary is tax deductible expenditure (4) Interest paid for the acquisition of land for investment purposes is not allowable for tax purposes A 1 and 2 B 1 and 4 C 2 and 3 D 3 and 4 7 [P.T.O.

8 13 Which of the following statements in respect of the special defence contribution is FALSE? (1) The special defence contribution payable on gross rental income of 10,000 is 300 (2) The special defence contribution payable by a tax resident individual on dividend income of 4,500 is 765 (3) Special defence contribution is payable by a company receiving interest on a loan made to an employee (4) Non-resident companies earning interest deriving from Cyprus sources are taxed at 30% A 4 only B 1 and 3 C 1 and 4 D 2 and 3 14 Maria is a full-time employee with a monthly salary of 1,500. Her employer contributes to the central holiday fund. What are the combined total monthly social insurance contributions paid by Maria and her employer? A 410 B 423 C 432 D Marios ordered some goods from Stavros on 3 May The goods were dispatched on 5 May Marios paid for the goods on 7 May 2017 and on 10 May 2017, Stavros issued the relevant invoice. What is the tax point of the transaction for value added tax (VAT) purposes? A 10 May 2017 B 7 May 2017 C 5 May 2017 D 3 May 2017 (30 marks) 8

9 Section B ALL SIX questions are compulsory and MUST be attempted Please write your answers to all parts of these questions on the lined pages within the Candidate Answer Booklet. 1 Antonis, a tax resident in Cyprus, is a trader of goods and registered for value added tax (VAT) on 1 April The following information relates to his return for the period to 30 June 2017: Notes Sales of goods Bottled water 2,000 Basic foodstuff 3,500 Newspapers and magazines 2,500 Other sales (standard rated) 13,000 Purchases of goods Basic foodstuff 1,200 Newspapers and magazines 1,000 Other standard rated purchases 1 8,000 Purchases of services 2 1,500 Notes (1) The amount for other standard rated purchases includes two invoices for goods acquired on 1 September 2013 and 12 December 2014 for 900 and 1,020, respectively. These goods remained in inventory at the date of VAT registration. (2) Purchases of services comprises: 1 August 2016 Professional services provided to the business November 2016 Professional services provided to the business May 2017 Consulting services provided by a non-eu company 600 1,500 In addition to the purchases listed above, Antonis has incurred 300 on business entertaining at a local restaurant and 700 for the running expenses of his saloon car. The saloon car is used for private purposes for one-third of the mileage. All figures are stated excluding any applicable VAT. Required: (a) Calculate the amount of value added tax (VAT) payable by Antonis for the period ending 30 June 2017, and state the due date for submission of the VAT return. Note: You should list all the items referred to in the question and notes, indicating by the use of zero (0) any for which VAT is not payable/reclaimable. (8 marks) (b) Calculate the penalties and interest payable by Antonis assuming that his VAT return for the period ending 31 March 2017 was not submitted on time and the VAT liability of 2,000 was not paid until 22 June (2 marks) (10 marks) 9 [P.T.O.

10 2 Scissors Ltd, a Cyprus tax resident company, had the following sources of income for the tax year 2017: Notes Rental income 1 35,000 Dividends received 2 48,260 Gross interest received 3 7,600 Net interest received 3 3,400 Notes (1) Rental income comprises 20,000 from properties situated in Cyprus made up of 15,000 from properties rented to individuals and 5,000 from properties rented to private limited companies, and 15,000 from a property situated in Ireland. (2) Dividends received during the year comprises: Gross dividend from Cyprus tax resident companies 12,000 Net dividend from a foreign trading company with 7% withholding tax 13,950 Net dividend from a foreign investment company tax with 3% withholding tax 22,310 48,260 (3) Interest received comprises gross interest from: A deposit account in Cyprus 3,500 A loan provided to an employee 900 Trade receivables 2,000 Cyprus government saving bonds 1,200 7,600 Net interest from: A deposit account in a bank situated outside Cyprus (withholding tax rate of 20%) 3,400 Required: Calculate the special defence contribution paid and/or payable by Scissors Ltd for the tax year Note: You should list all the items referred to in the question and notes, indicating by the use of zero (0) any which are exempt and clearly identifying any from which a special defence contribution would have been deducted at source. (10 marks) 10

11 3 John and Maria are tax resident in Cyprus and are not related to each other. They each own a holiday house in Cyprus and on 20 August 2017 they agreed to exchange their holiday houses with one another. You are provided with the following information relating to the properties which they agreed to swap: John acquired his house on 10 February 1990 for 115,000 and paid transfer fees of 6,000. On 15 June 2000, John paid 1,000 to repaint the house and 7,000 to install central heating. On the date of exchange, John paid 1,000 for legal fees, 500 for valuation fees and 9,000 commission to a licensed real estate agent. The market value of the house as at 20 August 2017 was 300,000. Maria acquired her house on 25 September 1978 for 40,000 and paid transfer fees of 5,000. On 10 March 2012, she paid 12,000 for the construction of a swimming pool. The market value of the house as at 1 January 1980 and 20 August 2017 was 50,000 and 200,000 respectively. Neither John nor Maria have previously used any of their lifetime exemptions. Required: (a) Calculate the capital gains tax payable, if any, by John and Maria. (8 marks) (b) Calculate the value of the properties acquired, restated for future disposals. (2 marks) Note: You should list all of the items referred to in the question, indicating by the use of zero (0) any which are not allowable. (10 marks) 4 Taxes Ltd, a Cyprus tax resident company, submitted its corporation tax return for the tax year 2016 on 15 May The final corporation tax payable for the tax year 2016 was 15,000. Taxes Ltd had settled its tax liability on 20 December On 5 January 2018, Taxes Ltd received a tax assessment for the tax year Required: (a) Calculate the interest and penalties payable by Taxes Ltd, if any, regarding the submission of the corporation tax return and the settlement of the tax due for the tax year 2016, showing clearly the reason for each of the charges made. (4 marks) (b) Assuming Taxes Ltd has lodged an objection to the tax assessment issued for the year 2014 in time, state the time limit for the Commissioner of Taxation to issue the final determination assessment for the tax year 2014, and briefly explain the course of action available to a taxable person who does not agree with the final determination assessment issued by the Commissioner of Taxation. (4 marks) (c) Explain the powers the Commissioner of Taxation has during a stock take. (2 marks) (10 marks) 11 [P.T.O.

12 5 Philippos, a tax resident in Cyprus, has been a successful trader for many years but has not maintained proper books and records for his business. In June 2018, the Tax Department requested from Philippos a capital statement for the period 1 January 2012 to 31 December Philippos has provided you with the following information: Notes 1 January December 2017 Cash held 1 2,000 6,200 Investments 2 16,800 Inventories 3 20,000 55,000 Trade receivables 4 15,000 34,000 Business equipment 5 30,000 51,000 Motor vehicles 6 8,000 43,000 Business bank overdraft 7 (25,000) (50,000) Trade payables (22,000) (40,000) Notes (1) The cash held balance as at 31 December 2017 does not include post-dated cheques from clients of 1,000. (2) On 15 March 2013, Philippos bought 5,000 shares in a listed company for 2 50 each and on 22 April 2015 sold them for 4 20 each. On 23 February 2016, Philippos bought 3,000 shares in another listed company for 3 50 each. Their value on 31 December 2017 was 5 60 each. (3) Inventories as at 1 January 2012 are shown at cost, but inventories as at 31 December 2017 are shown at selling price, including a mark-up of 25%. (4) The trade receivables were as follows: 1 January December 2017 Trade receivables 15,000 40,000 Less: General provision for irrecoverable debts (15%) 0 (6,000) 15,000 34,000 (5) Business equipment at 31 December 2017, comprised: Cost of equipment held at 1 January 2012 (no adjustment needed) 30,000 Equipment bought in January ,000 Less: Accumulated depreciation (20%) (14,000) 21,000 Total 51,000 (6) On 1 January 2016, Philippos bought a new car for 35,000. He made an advance payment of 5,000 and the balance was financed through a bank loan. For the period under examination, he made loan repayments to the bank of 15,000 which included 3,000 interest. His old car, which was acquired on 1 January 2012 for 8,000, was sold on 5 July 2017 for 4,000. (7) For the period under examination: (i) Philippos paid income taxes and special defence contribution of 8,000 and social insurance payments of 13,000. (ii) His living expenses were agreed with the Tax Department at 130,000. In addition, he spends 2,800 per year for holidays. (iii) His wife Hilary s emoluments were 30,000 gross and 28,400 net of income taxes per year. (iv) In 2014, Philippos bought a gold chain for Hilary, for 5,

13 (v) His assessed business income declared on his income tax returns was 180,000 net of income taxes. (vi) He pays rent for his residential house of 2,500 per month. Required: Prepare a capital statement (or net worth statement) for Philippos for the period 1 January 2012 to 31 December 2017, showing his additional income for the period. Note: You should list all the items referred to in the question and notes, indicating by the use of zero (0) any which do not contribute to Phillipos s additional income for the period. (15 marks) 13 [P.T.O.

14 6 Rock Ltd, a Cyprus tax resident manufacturing company, has a turnover and net profit for the year ended 31 December 2017 of 1,150,000 and 480,000, respectively. The following items have been taken into account when calculating the net profit for the year ended 31 December 2017: Notes Gross interest received 1 11,000 Gross dividends received 2 28,000 Profit from sale of shares 3 13,000 Irrecoverable debts 4 9,500 Advertising 5 26,000 Depreciation 6 55,000 Payroll expenses 7 150,000 Donations 8 5,300 Interest paid 9 5,100 Other administrative and finance expenses 10 21,330 Notes (1) Interest received comprises interest from: A bank deposit account held at an overseas bank 5,000 A bank current account held at a local bank 2,000 Cyprus government development stock 4,000 11,000 (2) Gross dividends were received from private limited companies: In Cyprus 16,000 In Greece 12,000 28,000 (3) The profit on sale of shares relates to a shareholding in a public listed company in Cyprus. The shares were purchased on 12 September 2008 for 62,000 and sold on 3 December 2017 for 75,000. (4) Irrecoverable debts comprise: Increase in general provision for impaired debts 7,000 Increase in specific impaired debt provision 2,500 9,500 (5) Advertising comprises: Entertainment of customers 8,500 Entertainment of directors 11,000 Gifts to employees 2,800 Gifts to customers (calendars showing the company s logo) 3,700 26,000 (6) Depreciation has been charged on the following assets held by the company on 31 December 2017: (i) Machinery acquired on 1 June 2014 for 80,000 (ii) A saloon car acquired on 1 July 2017 for 35,000 (iii) A factory acquired on 15 June 2015 for 500,000, including cost of land of 80,000 14

15 (7) Payroll expenses include a bonus paid to the sales director of 35,000. (8) Donations are as follows (receipts are available for all donations): Political parties 3,200 Approved charities 2,100 5,300 (9) Interest paid comprises interest on a loan to acquire: Shares in public listed companies in Cyprus 3,550 The saloon car purchased on 1 July ,550 5,100 (10) Other administrative and finance expenses comprise: Saloon car expenses 1,460 Goods stolen by ex-employee 8,300 Realised exchange loss 6,570 Legal expenses relating to trade receivables 5,000 21,330 The provisional assessment for the tax year 2017 was paid on time, on the provisional taxable income of 300,000. Required: Calculate the corporation tax payable by Rock Ltd for the year ended 31 December Note: You should list all the income and expense items referred to in the question and notes, indicating by use of zero (0) any which are not taxable/deductible. (15 marks) End of Question Paper 15

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